Vancouver, B.C., March 5, 2007 – Condor Resources Inc – (“Condor” or the “Company”) is pleased to announce results of the Phase I drilling program on its 100% owned Escudo property in northern Chile.
The target at Escudo is a ‘blind’ or buried porphyry copper deposit beneath gravels, which has intruded into older sedimentary and volcanic rocks within Chile’s prolific copper-producing West Fissure fault system, between BHPBilliton’s Escondida mine and Codelco’s El Salvador mine. A two-phase geophysical program conducted for Condor previously identified numerous IP and resistivity anomalies under gravel cover on the Escudo project.
The drill program, conducted during December, 2006 and early January, 2007, consisted of 10 reverse circulation holes totalling 2670 meters to test several of these geophysical anomalies. Approximately 10% of the 98 sq. km. property was tested with holes spaced 1.5 to 3 km apart. Eight of the holes were drilled vertical (-90°) and two were inclined (-60°) holes, with hole depths ranging from 196m to 342m below surface.
Drilling encountered ‘Atacama’ gravels with a maximum thickness of 140m, including 22m and 32m of intercalated volcanic ash and ignimbrites, respectfully. Abundant jarosite occurs locally in clasts and cementing the matrix of the gravels. The principal lithologic unit encountered comprised stratified fine-grained black shales and clastic sediments with 0.5% to 5% pyrite as disseminations, veinlets and fracture fillings as well as local narrow pyritic bands paralleling stratification. Trace amounts of chalcopyrite were found in association with the pyrite veinlets. The NE portion of the property is underlain locally by porphyritic and brecciated rhyodacite tuffs and flows, with weak silica-argillic alteration and lesser chlorite. Holes ESCR6-02 and ESCR7-05 intersected a quartz feldspar porphyry intrusive at depth, cut by numerous narrow pebble dykes. Feldspar phenocrysts and quartz eyes within the intrusive have been partially obliterated by silica-argillic alteration, and jarosite occurs as disseminations and as fracture fillings.
Leaching averages 138m depth, extending to a maximum depth of 180m, with limonites consisting of jarosite along with sparse goethite and hematite. The contact between the leached upper zone and the lower primary unoxidized zone is sharp, with disseminated pyrite and traces of covellite and chalcocite below.
Representative samples of the drill cuttings were collected from each hole and a total of 174 samples were forwarded to Andes Analytical Assays Limited for copper (aqua regia digestion followed by atomic absorption), gold (20g fire assay) and 34 element ICP analyses.
Assay results returned elevated geochemical values to 209 ppm Cu, 187 ppm Mo and 1531 ppm Zn which, combined with the geological observations and interpretation of results of the drill program, suggest possible proximity to a copper-molybdenum mineralized intrusive. Gold values were negligible.
In view of this evidence and the fact that only 10% of the Escudo target area has been tested to date with a hole spacing of 1.5 to 3km, management is considering conducting a high resolution sediment geochemical survey, known as Mobile Metal Ion or ‘MMI’ to cover the remainder of the property.
Condor Resources Inc. was incorporated in 2003 by exploration specialists focused on the generation of copper and gold projects in South America, where management has extensive experience and a proven track record of discovery. The Company’s long-term business plan offers shareholders access to a growing portfolio of properties, including five 100% owned projects in Chile along with the recently-acquired El Dorado and Milagrito gold projects in Argentina, each providing a unique path to discovery.
On behalf of the Board of Directors,
Signed “Pat Burns”
Patrick J. Burns,
President & Chief Executive Officer
For further information please contact:
Bernie Kennedy: 604-495-6330
Saf Dhillon: 604-484-2015
email: info@condorresources.com
Condor Resources Inc.
910-885 Dunsmuir Street,
Vancouver, BC V6C 1N5
Tel: 604-484-2015
Fax: 604-688-9895
Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s periodic filings with Canadian securities regulatory authorities. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement. Dr. Richard Culbert, P.Eng., is the Qualified Person for the Company as required by NI 43-101 and has reviewed the contents of this news release.
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